ACCOUNTANCY 236 Notes FINANCIAL STATEMENTS (WITH ADJUSTMENTS) You have learnt in the previous lesson, how to prepare Trading A/c, Profit & Loss A/c and Balance Sheet. These financial statements are prepared with the help of a given Trial Balance. It is possible that the expenses given in the Trial Balance may not be the total expenses for that accounting year for which trial balance has been prepared. Similarly a portion or part of the expenses given in the Trial Balance may relate to future year(s). If Financial Statements are prepared with the help of such a Trial balance, they will not present a correct picture of the business. The income statement will not show correct net profit or net loss. Similarly the Balance sheet will not show the correct financial picture of the business. So, before preparing the financial statement, it is necessary to find out the items of expenses which relate to the current year but have not been paid. Similarly it is necessary to find out the items of expenses which relate to future year but have been paid or received during current year. Therefore, it becomes necessary to make some ‘adjustments’ in respect of some items of expense and income. These are called accounting adjustments. After studying this lesson you will able to : • understand the need for accounting adjustments; • understand the adjustments relating to closing stock, outstanding expenses, prepaid expenses and depreciation on fixed assets; • explain adjustment entries relating to above adjustments and • understand the accounting treatment of the adjustments in Trading A/c, Profit and Loss A/c and Balance Sheet. 15 OBJECTIVES MODULE - V Preparation of Financial Statements
Transcript
ACCOUNTANCY236
NotesFINANCIAL STATEMENTS
(WITH ADJUSTMENTS)
You have learnt in the previous lesson, how to prepare Trading A/c, Profit & LossA/c and Balance Sheet.
These financial statements are prepared with the help of a given Trial Balance. It ispossible that the expenses given in the Trial Balance may not be the total expensesfor that accounting year for which trial balance has been prepared.
Similarly a portion or part of the expenses given in the Trial Balance may relate tofuture year(s).
If Financial Statements are prepared with the help of such a Trial balance, they willnot present a correct picture of the business. The income statement will not showcorrect net profit or net loss. Similarly the Balance sheet will not show the correctfinancial picture of the business.
So, before preparing the financial statement, it is necessary to find out the items ofexpenses which relate to the current year but have not been paid.
Similarly it is necessary to find out the items of expenses which relate to future yearbut have been paid or received during current year.
Therefore, it becomes necessary to make some ‘adjustments’ in respect of someitems of expense and income. These are called accounting adjustments.
After studying this lesson you will able to :• understand the need for accounting adjustments;• understand the adjustments relating to closing stock, outstanding expenses,
prepaid expenses and depreciation on fixed assets;• explain adjustment entries relating to above adjustments and• understand the accounting treatment of the adjustments in Trading A/c, Profit
and Loss A/c and Balance Sheet.
15
OBJECTIVES
MODULE - VPreparation of
Financial Statements
ACCOUNTANCY
Notes
237
15.1 NEED FOR ACCOUNTING ADJUSTMENTSAccounting adjustments are required because of the following purposes:i) To know the correct net profit or net loss of the business for an
accounting year.ii) To know the correct financial position of the business.iii) To record the expenses which have become due but have not been paidiv) To record the expenses which have been paid in advance for future
year(s)v) To provide for depreciation on fixed assets.
15.2 TYPES OF ADJUSTMENTSThe number and nature of adjustments will differ from business to business. You willstudy the following common adjustments in this lesson :i) Closing Stockii) Outstanding Expensesiii) Prepaid Expensesiv) Depreciation on Fixed assets
Let us discuss the above items of adjustments and their accounting treatmentin the financial statements.
i) Closing Stock
Closing stock is the stock of goods which remains unsold at the end of the accountingyear. This item is, normally, not shown inside the Trial balance. It appears outside thetrial balance as additional information. For example the books of Mr. X showed thevalue of closing stock as on 31.3.2012 ̀ 30,000.
The accounting treatment of closing stock in the financial statements of Mr. X., willbe as follows:
(a) The following adjustment entry will be passed at the end of the year:
31.3.2012 Closing Stock A/c Dr. 30,000To Trading A/c 30,000
(For Closing stock transferred toTrading A/c)
(b) Trading A/c of Mr. X for the year ending 31.3.2012
Dr. Cr.Particulars Amount Particulars Amount
(`) (`)
By Closing Stock 30,000
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Notes
(c) Balance Sheet of Mr. X as on 31.3.2012Liabilities Amount Assets Amount
(`) (`)
Closing Stock 30,000
Note : If Closing stock is given inside the Trial balance, the above mentionedadjustment entry will not be passed and the closing stock will not be shownon the credit side of Trading A/c. The closing stock will be shown on theassets side of Balance Sheet only.
ii) Outstanding Expenses
An expense which relates to the current year but has not been paid till the end of theaccounting year is known as outstanding expenses such as Factory rent, Wages,Salaries, Office rent, Telephone charges etc. for current year may not have beenpaid till the end of the accounting year, for example the books of accounts of Mr. Xshowed that, Wages paid during the year 2011-2012 ̀ 45,000. Wages outstandingfor the year 2011-2012 ̀ 5,000.
The accounting treatment of wages outstanding in the books of Mr.X will be asfollows:
(a) The adjustment entry will be:
31.3.2012 Wages A/c Dr. 5,000 Wages outstanding A/c 5,000(For wages outstanding for theyear 2011-12)
(b) Trading A/c of Mr. Xfor the year ending 31.3.2012
Dr. Cr.Particulars Amount Particulars Amount
(`) (`)
Wages : 45,000 (+) Wages O/S : 5,000 50,000
(c) Balance Sheet of Mr. Xas on 31-3-2012
Liabilities Amount Assets Amount(`) (`)
Wages Outstanding 5,000
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Let us take another example, regarding outstanding salary which affects the netprofit.
Example: The books of accounts of Mr.X showed the following:
Salaries for the year 2011-12 already paid during the year ̀ 1,00,000. Salaries for2011-12 due but not paid till 31-3-12 ` 10,000. Its accounting treatment in thebooks of Mr.X will be as follows.
(a) Adjustment entry will be as under: 31.3.2012 Salaries A/c Dr. 10,000
To Salaries outstanding A/c 10,000(For salary outstanding for theyear 2011-12)
(b) Profit & Loss A/c for Mr.XFor the year ending 31-3-2012
Particulars Amount Particulars Amount(`) (`)
To Salaries : 1,00,000(+) Salaries O/S : 10,000 1,10,000
(c) Balance Sheetas on 31-3-2012
Liabilities Amount Assets Amount(`) (`)
SalariesOutstanding 10,000
Give exact term for your answer :i. Stock remains unsold at the end of year.ii. Amount not paid for the good or services whose benefits was already availed.iii. Value of unsold goods shown outside the trial balance as additional
information.iv. Transaction shown outside the trial balance to be incorporated before
the preparation final accounts.
iii) Prepaid Expenses
Sometimes, a part of the expenses given in the trial balance may relate to futureyear(s). Such part of expenses is known as ‘Prepaid Expenses’ or ‘Expense paid in
Financial Statements (With Adjustments)
INTEXT QUESTIONS 15.1
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Notes
Advance’ such as, out of the salaries paid during the current year, a part may relateto next accounting year. Similarly factory rent, wages, office rent, insurance premium,taxes, etc. may be prepaid in some cases. For example the books of accounts ofMr.X showed the following:
Total salaries paid during the accounting year 2011-2012 ̀ 2,00,000 out of which ̀25,000 relates to the next accounting year, i.e, 2012-13. The accounting treatment,of prepaid salaries in the books of Mr. X will be as follows:
(a) Adjustment entry for prepaid salaries will be as under:
31.3.2012 Prepaid Salaries A/c Dr. 25,000 To Salaries A/c 25,000(For salaries paid in advancefor next year 2012-13)
(b) Profit & Loss A/c for Mr.Xfor the year ending31-3-2012
Particulars Amount Particulars Amount(`) (`)
To Salaries : 2,00,000(-)Prepaid Salaries : 25,000 1,75,000
(c) Balance Sheet of Mr.Xas on 31-3-2012
Liabilities Amount Assets Amount(`) (`)
Prepaid Salaries 25,000
iv) Depreciation on Fixed Assets
The value of fixed assets such as Plant and Machinery, Building, Furniture, Computers,Motor Vehicles, etc. goes on decreasing or reducing every year due to their use,wear and tear. This decrease in the value of assets is called depreciation.
Depreciation is an expense like any other expense of the business.
Depreciation on various fixed assets is shown on the debit side of P&L A/c.
The amount of depreciation on fixed asset is deducted from the concerned or relatedasset on the asset side of Balance Sheet. For example the books of accounts of Mr.X showed the following:
Financial Statements (With Adjustments)MODULE - VPreparation of
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The value of Plant and Machinery is ` 5,00,000 as on 31-3-2012 and value ofFurniture is ` 50,000 as on 31-3-2012. Depreciation is to be charged on theseassets @10% p.a. The accounting treatment of depreciation in the financial statementsof Mr. X, will be as follows :
(a) Entry for charging depreciation will be as under:
31-3-2012 Depreciation A/c Dr. 55,000 To Plant&Machinery A/c 50,000 To Furniture A/c 5,000(For depreciation charged onPlant and Machinery and Furniture@10% for one year)
(b) Profit & Loss A/c for Mr. XDr. for the year ending 31-3-2012 Cr.
Particulars Amount Particulars Amount(`) (`)
To Depreciation onPlant & Machinery 50,000Furniture 5,000
i. Closing Stock (a) Deducted from the value of assetsii. Outstanding Expenses (b) Those expenses which have not became
due but have been paid during theaccounting year in question.
iii. Depreciation (c) Those expenses which have became duebut have not been paid in the concernedaccounting year.
iv. Prepaid expenses (d) Shown an the credit side of Trading A/c.
Financial Statements (With Adjustments)
INTEXT QUESTIONS 15.2
MODULE - VPreparation of
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Notes
Illustration 1
From the following trial balance of M/s Kaushal Traders, prepare Trading and Profitand Loss Account for the year ended 31st March 2012 and a Balance Sheet as onthat date :Dr. Balances ` Cr. Balances `
Opening stock on 1st April, 2011 16,000 Capital 80,000Purchases 75,000 Sales 2,00,000Sales returns 5,000 Purchases returns 2,000Carriage inwards 1,500 Discount 500Plant and Machinery 40,000 Sundry creditors 10,000Furniture and fixtures 5,000 Bills payable 1,500Freehold property 45,650Cash in hand 5,000Carriage outwards 400Wages 30,000Salaries 18,000Lighting (factory) 800Sundry debtors 28,000Travelling expenses 1,200Rent and taxes 4,800Drawings 5,000Insurance 450General expenses 12,200
2,94,000 2,94,000
Adjustments :i. Stock on 31st March 2012 was valued at ̀ 38,000 (market value ̀ 20,000).ii. Wages amounting to ̀ 2,000 and salaries amounting to ̀ 1,500 are outstanding.iii. Prepaid insurance amounted to ` 150.iv. Provide depreciation on plant and machinery at 5% and on furniture
and fixtures at 10%.
Solution
Trading and Profit and Loss AccountDr. for the year ending 31st March, 2012 Cr.Particulars Amount Particulars Amount
` `
To Opening stock 16,000 By Sales 2,00,000To Purchases 75,000 Less : Sales returns 5,000 1,95,000
Less : Purchases returns 2,000 73,000 By Closing stock 20,0001
Less : Prepaid insurance 150 300To General expenses 12,200To Depreciation on : Pland and machinery 2,000 Furniture and fixtures 500 2,500To Net profit transferred to Capital A/c 51,300
92,200 92,200
Balance Sheetas on 31st March 2012
Liabilities Amount Assets Amount` `
Bills payable 1,500 Cash in hand 5,000Sundry creditors 10,000 Sundry debtors 28,000Outstanding wages 2,000 Closing stock 20,0001
Add : Net profit 51,300 Less : Depreciation 500 4,5001,31,000 Plant and machinery 40,000
Less : Drawings 5,000 1,26,300 Less : Depreciation 2,000 38,000Freehold property 45,650
1,41,300 1,41,300
Note : (1) Closing stock is valued at cost price or market price whichever is less.
Illustration 2
From the following trial Balance of M/s. Gupta Furnitures as on 31st December,2012 you are required to prepare a Trading and Profit & Loss A/c for the yearended 31st Dec. 2012 and a Balance Sheet as at that date after making thenecessary adjustments. Trial Balance of M/s. Gupta Furniture as at 31.12.2012.Particulars Dr (`) Cr. (`)Capital A/c of Mr. Gupta 80,000Cash in hand 540Cash in bank 2,630Purchase A/c 43,120Sales A/c 78,100Wages A/c 10,480Fuel and Power A/c 4,730
Financial Statements (With Adjustments) MODULE - VPreparation of
Financial Statements
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Notes
Carriage on Sales A/c 3,200Carriage on Purchase A/c 2,040Stock (on 1-1-2012) 5,760Land & Building A/c 40,000Machinery A/c 20,000Salaries A/c 15,000Insurance A/c 600Sundry Debtors A/c 20,000Sundry Creditors A/c 10,000
1,68,100 1,68,100Taking into consideration the following adjustments, make necessary journal entriesand prepare final accounts.i. Stock on hand 31.12.2012 is ` 5,000ii. Machinery is to be depreciated @ 10% p.a.iii. Salaries for the month of December outstanding amounted to ` 3,500.iv. Insurance prepaid for 3 months.
Solution 2012 Adjusting Entries (`) (`)
Dec. 31 Closing stock A/c Dr. 5,000 To Trading A/c 5,000(For closing stock taken into account)
Dec. 31 Depreciation A/c Dr. 2,000 To Machinery 2,000(For depreciation charged on machinery @ 10%)
Dec. 31 Salaries A/c Dr. 3,500 To Salaries Outstanding 3,500(For outstanding salaries provided for)
Dec. 31 Prepaid Insurance A/c Dr. 150 To Insurance A/c 150(For prepaid insurance taken into account)
Trading Account of M/s. Gupta Furnituresfor the year ended on 31st Dec. 2012
Dr. Cr.Particulars Amount Particulars Amount
(`) (`)
To Stock (1.1.12) 5,760 By Sales 78,100To Purchases 43,120 By Stock (31.12.12) 5,000
Financial Statements (With Adjustments)MODULE - VPreparation of
Financial Statements
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To Wages 10,480To Fuel and Power 4,730To Carriage on Purchase 2,040To Gross Profit transferred to Profit & Loss A/c 16,970
83,100 83,100
Profit and Loss A/cfor the year ended on 31st December, 2012
Particulars Amount Particulars Amounts(`) (`)
To Carriage on Sales 3,200 By Gross Profit b/d 16,970To Salaries 15,000 By Net Loss transferred to
Add : Outstanding 3,500 18,500 capital A/c of Mr. Gupta 7,180To Insurance 600
Less : Prepaid 150 450To Depreciation on Machinery 2,000
24,150 24,150
Balance Sheet of M/s. Gupta Furnishersas on 31st December, 2012
Liabilities Amount Assets Amount(`) (`)
Sundry Creditors 10,000 Cash in hand 540Outstanding Salaries 3,500 Cash at bank 2,630Capital A/c of Mr. Gupta 80,000 Sundry Debtors 20,000Less : Net Loss 7,180 72,820 Closing Stock 5,000
Prepaid Insurance 150Land and Building 40,000Machinery A/c 20,000Less : Depreciation 2,000 18,000
86,320 86,320
Financial Statements (With Adjustments) MODULE - VPreparation of
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Notes
I. Mention whether the following statements are True or Falsei. Financial statements prepared without considering adjustments
do not reflect the correct financial positions of the business.ii. The accounting treatment of adjustments is done only in
Balance Sheet.iii. The Accounting treatment of adjustment entry is done only in
Trading Account or Profit & Loss Account.iv. Adjustments are always related to future.
II. Fill in the blanksi. Closing stock is shown on the ................ side of Balance sheet.ii. Outstanding Expenses are shown on the .............. side of Balance
Sheet.iii. Prepaid expenses are shown on the ................ side of Balance sheet.iv. Depreciation is shown on the................. side of profit and loss A/c.v. Closing stock is shown on the asset side of...............vi. The decrease in the value of fixed asset due to their use is called..........vii. Adjustments are made to know the correct.................of a business.viii. Outstanding wages shown on the................. of the ...............ix. Outstanding office Rent will be shown on the................side
of...........and ................ side of Balance sheet.x. Profit and Loss A/c is prepared to know ..................of an accounting
year.
III. Multiple Choice Questionsi. When no adjustment is done for outstanding wages. Gross profit
ascertained will bea) more than the actual b) less than the actualc) equal to the actual d) will not be affected
ii. Prepaid expenses are expensesa) paid in advance b) outstanding expensesc) expenses incurred for the current yeard) expenses paid for the previous year
iii. Depreciation is debited toa) Trading account b) profit and loss accountc) concerned asset account d) none of the above
Financial Statements (With Adjustments)
INTEXT QUESTIONS 15.3
MODULE - VPreparation of
Financial Statements
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iv. An item of adjustment is showna) only in trading accountb) only in profit and loss accountc) only in balance sheetd) in trading account or P&L A/c and also in Balance Sheet
• Necessary adjustments are required at the time of preparation of financialstatements in order to ascertain the correct profit and financial positionof the business.
• Closing stock is the stock of goods which remains unsold at the end of anaccounting year. Adjustment is done in Trading Account and Balance Sheet.
• Outstanding Expenses refer to the expenses relating to current year but whichhave not been paid during the current year. Adjustments is done in TradingAccount, Profit and Loss Account and Balance Sheet.
• Prepaid Expenses or expense paid in advance refer to those expenses whichrelate to future year. Adjustments is done in trading account, profit & lossaccount and balance sheet.
• Depreciation on fixed Assets refers to Decrease in the value of fixed assetsdue to their use, wear and tear. Adjustment is done in profit and loss accountand balance sheet.
1. What is meant by an adjustment entry?2. Why is it necessary to pass adjusting entries in financial statements?3. Write short notes on :-
a) Outstanding Expenses b) Prepaid Expenses4. Explain the following adjustments and their treatment in the financial
statements : a) Closing Stock b) Depreciation
5. From the following trial balance of M/s Sakshi Garments. PrepareTrading & Profit and Loss Account for the year ending 31st March 2012and Balance Sheet as on that date.
Particulars Dr. (`) Particulars Cr. (`)Stock (1.4.2011) 13,800 Capital 65,000Purchases 52,000 Sales 74,400Wages 4,000 Purchase return 1,500
Financial Statements (With Adjustments)
WHAT YOU HAVE LEARNT
TERMINAL EXERCISE
MODULE - VPreparation of
Financial Statements
ACCOUNTANCY248
Notes
Sales Returns 2,400 Discount 450Land & Building 40,000 Creditors 6,500Plant & Machinery 24,500 Interest 600Debtors 5,250 Commission 700Cash in hand & bank 8,750 Bank Loan 26,000Office Rent 2,200Postage 400Insurance 1,500Freight 1,400Fuel & Power 2,450Furniture 4,500Motor Car 12,000
1,75,150 1,75,150
Adjustmentsi. Stock on 31.3.2012 ` 25,000ii. Write off depreciation on furniture 10% and on Plant & Machinery 20%iii. Wages outstanding amounted to ̀ 650 and rent outstanding was
`200. Pre-paid insurance amounted to ̀ 300.
6. From the following particulars for the year ending 31.3.2012 of M/s Pant.Bros. prepare Trading Account, Profit & Loss Account and a Balance Sheetas on 31.3.2012Particulars Dr. (`) Particulars Cr. (`)Capital 4,00,000 Salaries 1,20,000Opening Stock 85,000 Rent & Taxes 40,000Purchases 4,20,000 Postage & Telegrams 25,000Creditors 75,000 Interest Paid 20,000Debtors 1,20,000 Furniture 2,00,000Sales 8,10,000 Insurance 1,00,000Discount received 18,000 Freight 20,000Discount allowed 16,000 Cash in hand 50,000Purchases Returns 20,000 Cash at bank 47,000Sales Returns 10,000 Motor car 50,000
Adjustments1. Closing stock valued as on 31.3.2012 ̀ 1,70,0002. Salaries outstanding ̀ 12,0003. Charge depreciation on Motor Car @ 10% P.A.
Financial Statements (With Adjustments)MODULE - VPreparation of
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7. From the following information of M/s Bhanumati Traders you are requiredto prepare Trading Account, Profit & Loss Account and Balance Sheet ason 31st March 2012.Particulars (`) Particulars (`)Capital 2,00,000 Stock on 1-4-11 62,000Drawings 10,000 Purchases 1,40,000Plant & Machinery 1,00,000 Sales 2,30,000Salaries 14,000 Purchases Returns 2,600Printing & Stationery 2,000 Sales Returns 4,200Discount Allowed 1,500 Freight 1,200Debtors 25,000 Cash in hand 32,000Creditors 40,000 Cash at bank 50,000Insurance 3,000 Land & Building 50,000Postage 600Office Rent 2,600
AdjustmentsOutstanding wages as on 31 March 2012 - ` 2,500Outstanding Salaries ` 700Prepaid Insurance ` 400Closing stock ` 44,000
8. From the following information received from the books of Mr. Sahilon 31.3.2012, you are required to prepare the Trading Account & Profit& Loss Account for the year ending 31.3.2012 and a Balance Sheet ason 31.3.2012Particulars (`) Particulars (`)
Opening Stock 37,000 Capital 1,62,000Purchases 93,500 Drawings 1,60,000Wages 28,000 Discount received 1,600Sales 2,49,000 Sundry Creditors 43,000Salaries 11,000 Loan 30,000Rent 5,500 Cash in hand 37,300Interest Paid 2,700 Cash at bank 37,300Discount Allowed 2,400 Debtors 86,000Postage & Telegram 2,000 Furniture 21,400Printing & Stationery 1,800 Motor Car 20,000Sales Expenses 2,200 Building 60,000Insurance Premium 5,500 Plant & Machinery 16,000
Financial Statements (With Adjustments) MODULE - VPreparation of
Financial Statements
ACCOUNTANCY250
Notes
Adjustmentsi. Closing stock was valued at ̀ 30,000ii. Depreciate
(a) Building by 5% p.a.(b) Furniture – 10% p.a.(c) Land & Building – 15% p.a.(d) Motor Car – 20% p.a.
iii. Rent outstanding ̀ 1,500iv. Prepaid Insurance ` 300
15.3 I. (i) True (ii) False (iii) False (iv) False
II. (i) asset(ii) Liability (iii) Asset (iv) Debit(v) Balance Sheet (vi) Depreciation(vii) Financial position (viii) Liability side, Balance Sheet(ix) Debit side Trading A/c, Liability(x) Profit or Losses
III. (i) a (ii) a (iii) a (iv) d
ACTIVITY FOR YOU• Assuming that your father is a businessmen, running a small shop as a sole
proprietor and maintains the accounts of the business of his own. As a studentof Accountancy one day you came to know that no adjustment entry wasdone by your father while preparing final accounts of his business. You arerequired to reprepare the final accounts by passing necessary adjustment entriesin your father business books of account.
Financial Statements (With Adjustments)MODULE - VPreparation of
Financial Statements
ANSWER TO INTEXT QUESTIONS
ACCOUNTANCY
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251
MODULE - VI
Computer in AccountingThis module will enable the learners to understand the meaning and characteristicsof a computer with its components and limitations. It also emphasises on use ofcomputers in Accouning. It will also make you to learn the difference between manualaccounting and computerised accounting. One should be able to know the basicrequirements of computerised accouning. Once you are able to know the use andimportance of computers in accouning you must understand the meaning, featuresand importants steps for starting Tally ERP 9.0, together with how to create a companyin Tally.
Lesson 16 : Computers in AccountingLesson 17 : Introduction to Tally
Maximum Marks Hours of Studies
9 18
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